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Career profile Credit Analyst

Also known as Credit Administrator, Credit Analyst, Credit and Collections Analyst, Credit Officer, Credit Representative, Credit Risk Analyst, Municipal Fixed Income Analyst

Credit Analyst

Also known as Credit Administrator, Credit Analyst, Credit and Collections Analyst

Interests Profile
  • Conventional
  • Enterprising
  • Social
Pay Range
$44,250 - $146,690 (annual)
Required Skills
  • Critical Thinking
  • Reading Comprehension
  • Speaking
Knowledge Areas
  • Economics and Accounting
  • Mathematics
  • Law and Government
Core tasks
  • Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
  • Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
  • Generate financial ratios, using computer programs, to evaluate customers' financial status.
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What does a Credit Analyst do?

Credit Analysts analyze credit data and financial statements of individuals or firms to determine the degree of risk involved in extending credit or lending money.

In addition, Credit Analysts prepare reports with credit information for use in decisionmaking.

What kind of tasks does a Credit Analyst perform regularly?

Credit Analysts are often responsible for overseeing or executing some or all of the following tasks:

  • Analyze credit data and financial statements to determine the degree of risk involved in extending credit or lending money.
  • Complete loan applications, including credit analyses and summaries of loan requests, and submit to loan committees for approval.
  • Generate financial ratios, using computer programs, to evaluate customers' financial status.
  • Prepare reports that include the degree of risk involved in extending credit or lending money.
  • Analyze financial data, such as income growth, quality of management, and market share to determine expected profitability of loans.
  • Compare liquidity, profitability, and credit histories of establishments being evaluated with those of similar establishments in the same industries and geographic locations.
  • Consult with customers to resolve complaints and verify financial and credit transactions.

The above responsibilities are specific to Credit Analysts. More generally, Credit Analysts are involved in several broader types of activities:

Analyzing Data or Information
Identifying the underlying principles, reasons, or facts of information by breaking down information or data into separate parts.
Getting Information
Observing, receiving, and otherwise obtaining information from all relevant sources.
Working with Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
Processing Information
Compiling, coding, categorizing, calculating, tabulating, auditing, or verifying information or data.
Communicating with Supervisors, Peers, or Subordinates
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.

What is a Credit Analyst salary?

The median salary for a Credit Analyst is $74,970, and the average salary is $86,170. Both the median and average roughly describe the middle of the Credit Analyst salary range, but the average is more easily affected by extremely high or low salaries.

Many Credit Analysts earn significantly more or less than the average, due to several factors. About 10% of Credit Analysts earn less than $44,250 per year, 25% earn less than $56,120, 75% earn less than $103,840, and 90% earn less than $146,690.

Between the years of 2020 and 2030, the number of Credit Analysts is expected to change by -5.8%, and there should be roughly 5,500 open positions for Credit Analysts every year.

Median annual salary
$74,970
Typical salary range
$44,250 - $146,690
Projected growth (2020 - 2030)
-5.8%

What personality traits are common among Credit Analysts?

Interests

Career interests describe a person's preferences for different types of working environments and activities. When a person's interest match the demands of an occupation, people are usually more engaged and satisfied in that role.

Compared to most occupations, those who work as a Credit Analyst are usually higher in their Conventional and Enterprising interests.

Credit Analysts typically have very strong Conventional interests. Conventional occupations frequently involve following set procedures and routines. These occupations can include working with data and details more than with ideas. Usually there is a clear line of authority to follow.

Also, Credit Analysts typically have strong Enterprising interests. Enterprising occupations frequently involve starting up and carrying out projects. These occupations can involve leading people and making many decisions. Sometimes they require risk taking and often deal with business.

Values

People differ in their values, or what is most important to them for building job satisfaction and fulfillment.

Compared to most people, those working as a Credit Analyst tend to value Relationships, Independence, and Support.

Most importantly, Credit Analysts strongly value Relationships. Occupations that satisfy this work value allow employees to provide service to others and work with co-workers in a friendly non-competitive environment.

Second, Credit Analysts moderately value Independence. Occupations that satisfy this work value allow employees to work on their own and make decisions.

Lastly, Credit Analysts moderately value Support. Occupations that satisfy this work value offer supportive management that stands behind employees.

Psychological Demands

Each occupation brings its own set of psychological demands, which describe the characteristics necessary to perform the job well.

In order to perform their job successfully, people who work as Credit Analysts must consistently demonstrate qualities such as analytical thinking, attention to detail, and integrity.

Below, you'll find a list of qualities typically required of Credit Analysts, ranked by importance:

Analytical Thinking
Job requires analyzing information and using logic to address work-related issues and problems.
Attention to Detail
Job requires being careful about detail and thorough in completing work tasks.
Integrity
Job requires being honest and ethical.
Dependability
Job requires being reliable, responsible, and dependable, and fulfilling obligations.
Initiative
Job requires a willingness to take on responsibilities and challenges.

What education and training do Credit Analysts need?

Many Credit Analysts will have a four-year bachelor's degree, but some do not.

Credit Analysts usually need several years of work-related experience, on-the-job training, and/or vocational training.

Educational degrees among Credit Analysts

  • 0.8% did not complete high school or secondary school
  • 10.7% completed high school or secondary school
  • 12.5% completed some college coursework
  • 8.2% earned a Associate's degree
  • 49.8% earned a Bachelor's degree
  • 16.1% earned a Master's degree
  • 1.8% earned a doctorate or professional degree

Knowledge and expertise required by Credit Analysts

Credit Analysts may benefit from understanding of specialized subject areas, such as economics and accounting, mathematics, or law and government knowledge.

The list below shows several areas in which most Credit Analysts might want to build proficiency, ranked by importance.

Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking, and the analysis and reporting of financial data.
Mathematics
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Law and Government
Knowledge of laws, legal codes, court procedures, precedents, government regulations, executive orders, agency rules, and the democratic political process.
Administrative
Knowledge of administrative and office procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and workplace terminology.
Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.

Important Abilities needed by Credit Analysts

Credit Analysts must develop a particular set of abilities to perform their job well. Abilities are individual capacities that influence a person's information processing, sensory perception, motor coordination, and physical strength or endurance. Individuals may naturally have certain abilities without explicit training, but most abilities can be sharpened somewhat through practice.

For example, Credit Analysts need abilities such as oral expression, inductive reasoning, and oral comprehension in order to perform their job at a high level. The list below shows several important abilities for Credit Analysts, ranked by their relative importance.

Oral Expression
The ability to communicate information and ideas in speaking so others will understand.
Inductive Reasoning
The ability to combine pieces of information to form general rules or conclusions (includes finding a relationship among seemingly unrelated events).
Oral Comprehension
The ability to listen to and understand information and ideas presented through spoken words and sentences.
Written Comprehension
The ability to read and understand information and ideas presented in writing.
Mathematical Reasoning
The ability to choose the right mathematical methods or formulas to solve a problem.

Critical Skills needed by Credit Analysts

Skills are developed capacities that enable people to function effectively in real-world settings. Unlike abilities, skills are typically easier to build through practice and experience. Skills influence effectiveness in areas such as learning, working with others, design, troubleshooting, and more.

Credit Analysts frequently use skills like critical thinking, reading comprehension, and speaking to perform their job effectively. The list below shows several critical skills for Credit Analysts, ranked by their relative importance.

Critical Thinking
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions, or approaches to problems.
Reading Comprehension
Understanding written sentences and paragraphs in work-related documents.
Speaking
Talking to others to convey information effectively.
Active Learning
Understanding the implications of new information for both current and future problem-solving and decision-making.
Active Listening
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.

What is the source of this information?

The information provided on this page is adapted from data and descriptions published by the U.S. Department of Labor, Employment and Training Administration under the CC BY 4.0 license. TraitLab has modified some information for ease of use and reading, and the U.S. Department of Labor, Employment, and Training Administration has not approved, endorsed, or tested these modifications.

If you have any questions or suggestions about this information, please send a message.